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FINANCING NEWS
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Westwood Financial Secures $210 Mil in New Financing on 10 Retail Properties

9/23/16

Westwood Financial Corp has secured $210 mil in first TD financing on 10 multi-tenant retail centers totaling 974k sf in AZ, CA, KS, NC and TX. The financing was arranged by HFF, who advised Westwood Financial on new loans and transferring of loans as part of the firm’s $1.2 bil consolidation and reorganization.

As part of the process, HFF placed several new loans, including a 10-year, $110 mil, fixed-rate portfolio loan with a correspondent life company and a $100 mil senior credit facility with Wells Fargo Bank's Real Estate Capital Markets Group. HFF will service the $110 mil loan, proceeds of which will be used to re-finance existing loans and will assist in the corporate restructure setting Westwood for future growth.

Mercado Del Rancho, Scottsdale, AZ
Mercado Del Rancho, Scottsdale, AZ
The $110 mil loan consists of six assets including the 79.6k sf Village Plaza in Phoenix, AZ; the 65k sf Plaza Del Rio in San Juan Capistrano, CA and the 103.1k sf Stateline Village in Prairie Village, KS. Additionally, the portfolio contains two Dallas-area centers, the 46.8k sf Hebron Parkway Plaza in Carrollton and the 226.4k sf Old Town Shopping Center in Dallas, and the 79.2k sf Steelecroft Shopping Center in Charlotte, NC. Ninety-one percent leased overall, key tenants of the portfolio include Harris Teeter, Sprouts, Hy-Vee, Tom Thumb, Vons, PetSmart, LA Fitness and Michaels.

The seed assets in the Wells Fargo facility included three grocery-anchored centers and one power center with a shadow grocery. The properties are: the 77k sf Camelback Village anchored by AJ’s Fine Foods in Phoenix, AZ; the 89.5k sf Mercado Del Rancho anchored by Sprouts Farmers Market in Scottsdale, AZ; the 30.3k sf Magnolia Vineland Shopping Center shadow anchored by Ralph’s in North Hollywood, CA; and Legacy Village shadow anchored by Target in Phoenix, AZ. Ninety-five percent leased overall, other key tenants of the portfolio includes Ross Dress for Less, Beall’s, FedEx Office, Orange Theory, Steak 44, Famous Footwear, AutoZone, Orange Theory Fitness and Chipotle.

“There were quite a few objectives we set out to achieve in this financing request, and the lenders were both able to deliver in order to meet Westwood’s needs with the most efficient terms available,” said senior managing director Kevin MacKenzie. “The life company provided a low-cost, long-term, fixed-rate option using a forward rate lock, and Wells Fargo provided the flexibility needed to bridge assets into a strategic credit facility including a go forward solution on additional assets.”

The HFF debt placement team representing the borrower consisted of MacKenzie, director Jim Curtin, associate director Cory Fowler, associate Jamie Kline and real estate analyst Lauren LaFever.





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